Which of these would be considered to be the most inelastic in supply? 1. Online music      2. cups of coffee        3. physical books        4. rare minerals

A cigarette tax can be considered to be _________ because it taxes those who have less income more than those with more income.

Which of the following statements is correct? Buyers determine supply, and sellers determine demand Buyers determine demand, and sellers determine supply Buyers determine both demand and demand Sellers determine both demand and supply

In a competitive market free of government regulation, price adjusts until quantity demanded is greater than quantity supplied price adjusts until quantity demanded is less than quantity supplied price adjusts until quantity demanded equals quantity supplied supply adjusts to meet demand at every price

An increase in supply is represented by a movement downward and to the left along a supply curve movement upward and to the right along a supply curve rightward shift of a supply curve leftward shift of a supply curve

A legal maximum on the price at which a good can be sold is called a price 1. floor 2. subsidy 3. support 4. ceiling    

  At a price of $35, there would be a surplus of 400 surplus of 200 shortage of 400 shortage of 600  

What is not a factor that can cause a  shift in supply of a good? Subsidies Technology Price of Related goods Resource Costs

What is one main argument for raising the minimum wage? 1. it will create more jobs since people will have more money to spend 2. the wealthy already have too much money 3. it will give young people more job opportunities 4. it will make our products more competitive to other countries

The equilibrium price is the price at which the quantity demanded ________ the quantity supplied. (one word answer)